At the end of 2024, Bitcoin goes through a bright phase, attracting attention from both small traders and large investors. The community on platforms like X, Reddit, Telegram, 4Chan, BitcoinTalk, and FarCaster is actively discussing whether BTC will surpass the $90K, $100K, and even $110K marks. Below, we will analyze how the crowd and large wallets ('whales' and 'sharks') determine market dynamics.
How the crowd influences the market
In most cases, market psychology is such that the mass expectations of retail traders go against the actual price movements. Why does this happen?
Zero-sum game: cryptocurrencies, like other markets, are a competition for limited assets. When small players buy at the peaks or sell at the lows, it is the 'whales' who profit.
Fear and greed: during the rise, many buy on FOMO, and at the first signs of a pullback, they offload assets, fearing substantial losses.
Mass delusion: when everyone expects a specific price (for example, 'I will buy at $90K'), the market often goes the other way.
Classic examples of 2024
November: the crowd panicked and hoped for a pullback to $90K to buy 'cheaper' after the 'Trump Pump'.
December: instead of a correction, the price of BTC reached $103K, triggering FOMO.
December 16: historical maximum $108.3K; social media filled with forecasts about the 'imminent $110K'. Many called it a point for profit-taking.
Result: 'small traders' often misjudge timing. They are afraid to buy at $90K but chase the price at $100K+, even though it's already a late move.
